MARK 3336 LECTURE QUIZZES CH 1-8

Cameron loves to own and be up-to-date on the latest technological gadgets available in the market. Among his friends, he is always the first to own the latest electronic gadgets. He loves trying out new products before others. Cameron most likely belongs to the ________ adopter group.

innovator

Which of the following companies has a market-oriented business definition?

A cosmetic company, whose business definition is: "We sell hope and self-esteem."

Prof. Ahearne interviews Justin Bremer from Fidelity. According to Bremer, how does Fidelity segment their markets?

All of the above

Prof. Ahearne interviews Justin Bremer from Fidelity. How does Fidelity market to individual investors (customers)?

Both 1) offering private personal sessions to investors and 2) focusing on customer satisfaction to maintain long term relationships

Prof. Ahearne interviews Justin Bremer from Fidelity. According to Bremer, what markets does Fidelity serve?

Both businesses and consumers

______ are low-growth, high-share businesses/products that need less investment to hold their market share.

Cash cows

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.

market targeting

______ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Customer-perceived value

________ is a person's pattern of living as expressed in his/her psychographics, and it includes the individual's activities, interests, and opinions.

Lifestyle

Chegg solutions conducted market research to find that two different groups are most interested in their solutions: college students and high school students. These two groups are examples of _____.

market segments

Many companies use ethnically specific themes in their mainstream marketing strategy because marketers have realized that insights gleaned from ethnic consumers can influence their broader markets. This type of marketing is known as ________ marketing.

cross-cultural

All of the following are accurate characterizations of modern marketing EXCEPT for one. Please select the option that does not represent modern marketing.

Marketing emphasizes selling and advertising exclusively.

______ are the major marketing factors in the sale of most manufactured materials and parts.

Price and service

A segment is less attractive if it ______

already contains many strong and aggressive competitors

Which of the following statements reflects the marketing concept?

Consider customer focus and value as the paths to sales and profits

Blockbuster dominated the physical media rental market for years. In 1998 netflix launched, and Blockbuster continued business as usual. However, a new consumer need for convience in the rental market began to emerge. By 2007, Netflix had delivered 1 billion DVDs to customers and the market was divided between the two. The same year Netflix leaped ahead of Blockbuster in terms of conience by launching streaming platform. Blockbuster continued to focus on physical locations and ignored the changing market. In this example Blockbuster is a classic example of ____.

marketing myopia

By harvesting its SBU, a company would most likely be ___

milking the SBU's short-term cash flow regardless of the long-term effect

Which of the following best define a customers "wants"?

needs that have been shaped by society and personality

Marketing stimuli consist of the four Ps. Which of the following is NOT one of these?

packaging

Service ________ means that services cannot be stored for later sale or use.

perishability

In the model of buyer behavior, which of the following is NOT a major type of force or event in the buyer's environment?

political

Riot Games is a game developer located in California. During 2009-2019 Riot games had only introduced one game, League of Legends; however, In October of 2019 Riot Games introduced an additional 5 games. Their title Valorant has become massively popular. This exemplifies ________.

product development

Tristan and Juliet, a newly married couple who intend to go to Egypt for their honeymoon, bought a Europe travel package on Jizo Inc., an online travel site. As they have never seen Europe or used the services of Jizo before, they were largely dependent on other customers' feedback and signals for service quality. Which of the following characteristics of service is highlighted in this instance?

service intangibility

Family is one of the ________ factors that influence consumer behavior.

social

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy

societal marketing concept

A hickory rocking chair, handmade by an Amish woodcarver in Lancaster, Pennsylvania from locally grown wood, is an example of a ________.

specialty product

A market segment that is large enough or profitable enough to serve is ______

substantial

Service ________ means that the quality of services depends on who provides them as well as when, where, and how they are provided.

variability

Market segments that can be effectively reached and served are ___

accessible

_____ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

Shopping products

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of _____

market development

_______ involves actually distinguishing the firm's market offering to create superior customer value.

Differentiation

Jason Perkins has the informal power to approve the final suppliers in his organization. In other words, Jason plays the role of a(n) ________ in his organization's buying center.

decider

Jennifer Gonzales has saved $5,200 over the last 24 months to purchase the Louis Vuitton Petite Boite Chapeu bag. Jennifer now has a ___

demand

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ____

market penetration

____ calls for dividing the market into regions, states, counties, cities, or even neighborhoods.

Geographic segmentation

______ products are those products purchased for further processing or for use in conducting a business.

Industrial

Product planners need to consider products and services on three levels. At the second level, product planners must ________.

Turn the core benefit into an actual product

_____ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.

Unsought products

In the context of the AIO dimensions for measuring consumers' lifestyles, "A" stands for ______

activities

The marketing process is described by a 5 step model. What is the last step in order to establish customer value?

building profitable relationships and creating customer delight

Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities—that is, "we are what we consume." According to this premise, consumers ________.

buy products to support their self-image

Business buyer behavior refers to the ________.

buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others